Progress Illinois

We've devoted a lot of attention this week to the fight over a U.S. Senate bill that sought to stem the foreclosure crisis by allowing judicial mortgage modifications.  In particular, we've focused on sponsor Dick Durbin's escalating frustration with the banking lobbyists that have worked so hard over the past year to defeat the various versions of this proposal.  Now, thanks to the American News Project, we've got video of what they've been saying on the other side.  As you can see in the clip below, shot in D.C. on Wednesday, the mortgage bankers are citing Durbin's anger as a sign of their success:

Let's be clear: As BusinessWeek wrote in February, this is an "industry in denial." Huffington Post's Ryan Grim echoed that characterization in his report yesterday on the defeat of Durbin's measure:

The death of the bankruptcy reform measure -- which would have allowed a small number of homeowners who met strict conditions to renegotiate mortgages under bankruptcy protection -- is a major tactical win for the banking industry. But allowing the foreclosure crisis to continue unabated may end up being a failed strategy for the financial sector.

Pivoting off of Durbin's declaration on Monday that the banks "frankly own the place," Grim went on to ask: 

How much did the Senate go for?

The banking and real estate industry has funneled roughly $2,000,000 into Landrieu's campaign coffers over her 12-year career, according to data from the Center for Responsive Politics. The financial sector is Nelson's biggest backer; he's taken $1.4 million from banks and real estate interests and another $1.2 million from insurance firms. Tester has fielded roughly half a million in his two years in office. Lincoln has taken $1.3 million from banking and real estate interests.

Carper has raked in more than $1.5 million. Baucus, chair of the finance committee, has been on the receiving end of $3.5 million over his career. Specter has hauled in more than $4.5 million and Johnson has gotten some $2.5 million.

"Keep giving to the PAC," Mortgage Bankers Association chairman David Kittle says in the video above.  It's no wonder Durbin has sponsored the Fair Elections Now Act, which would create a public financing system for congressional elections.